THE MUST-READ OF MUST-READS on the links between behavioral finance and macro: John Maynard Keynes (1936): The State of Long-Term Expectation: The General Theory of Employment, Interest and Money: Chapter 12: "If I may be allowed to appropriate the term _speculation for the activity of forecasting the psychology of the market, and the term enterprise for the activity of forecasting the prospective yield of assets over their whole life, it is by no means always the case that speculation predominates over enterprise. As the organisation of investment markets improves, the risk of the predominance of speculation does, however, increase...Grasping Reality
THE MUST-READ OF MUST-READS on the links between behavioral finance and macro
Brad DeLong | Professor of Economics, UCAL Berkeley
5 comments:
1. Keynes was friends with Hayek. There is no mention of Austrian concepts or analysis in TGT which would completely refute Keynesian analysis in the cradle. Keynes was a fraud and a fraidy cat. Like all Keynesians.
2. Fiat funny money loans induce and subsidize unsustainable speculation and investment. Duh. But let's not mention that. Let's blame "the free market" for it even though fiat funny money loans have nothing to do with "the free market".
Never a word from Bob Roddis criticizing government privileges for the banks, just an endless stream of criticism for inexpensive fiat, the ONLY proper form for government money lest the taxation authority and power of the State is misused to benefit private interests such as gold owners and fiat hoarders.
Never a word from Bob Roddis criticizing government privileges for the banks
Look Einstein, "End the Fed" means ending the entire system. I've also repeatedly noted that the fiat money creating system is intended to shift wealth to the .1%. And it does that.
Look Einstein, "End the Fed" means ending the entire system. Bob Roddis
No it wouldn't since citizens would STILL not have access to inherently risk-free fiat accounts at either the Central Bank or Treasury and would thus be forced to use private bank deposits or else be limited to unsafe, totally inadequate for modern commerce physical fiat.
So Bob, should citizens be allowed to use their Nations' fiat in inherently-safe form via accounts at the Treasury (since you would end Central Banks)?
Yes or No, Bob.
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